Global Permanent Magnet Market to Grow at 13.2% Rate to $56 Billion 

The global market for permanent magnets is forecast to grow at a robust clip of more than 13.2% annually over the next five years, reaching a value of $56.7 billion in 2027, according to a research report from Research And Markets. The 200-page Permanent Magnet Global Market Report 2023 by The Business Research Company was released in March. 

The market grew from $30.15 billion in 2022 to $34.54 billion in 2023 at a compound annual growth rate (CAGR) of 14.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. 

The report is one of a series of new reports that provides permanent magnet market statistics, including permanent magnet industry global market size, regional shares, competitors with a permanent magnet market share, detailed permanent magnet market segments, market trends and opportunities. 

Technological transition is a key trend cited by the analysts, referring to the movement of data, designs, inventions, materials, software, technical expertise or trade secrets from one organization to another or from one purpose to another. For instance, in December 2021, Max Stand, an Italy-based company that specializes in the design and creation of exhibition stands, launched a third-party charger for Apple Airpods Max. The magnets double as a charger and a connection between the batteries. Although the AirPods Max has a lightning port on the bottom, the Max Stand substitutes it with a MagSafe-style charging solution that uses a tiny magnetic charging connector that fits inside the Lightning port of the AirPods Max. When the headphones are properly positioned, they magnetically dock within the Max Stand and begin charging as soon as the magnets align.

Another example cited is in October 2021 when Bunting, a Chicago-based company of magnets manufacturers acquired MagDev Ltd for an undisclosed amount. Through this acquisition, Bunting will be able to provide a wider selection of magnetic solutions and technological skills as a result of the purchase. The MagDevfacility in Swindon, UK, features substantial testing and in-house machining capabilities, as well as 1,100 square meters (12,000 square feet) of warehousing space. MagDev is a UK-based company prominent in industrial magnets, specializing in permanent magnets, magnetic assemblies, and soft magnetic solutions in a variety of forms, sizes, and grades, with magnetic qualities suited to specific needs. 
Asia-Pacific was the largest region in the permanent magnet market in 2022 and is expected to be the fastest-growing region in the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. Countries covered are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. 
Increasing demand for automobile applications is expected to propel the market growth. Permanent-magnet motors are most commonly used in variable-speed drives, in which the stator is powered by a variable-frequency, variable-voltage, electronically controlled source. For instance, in December 2021, in India, the total number of electric vehicle sales was reported to be 50,866 units resulting in a 240% jump from the previous year. Moreover, in 2021, Norway, recorded a sale of 176,276 cars with 65% electric cars resulting in a 54% rise when compared to 2020. Therefore, the increasing demand for automobile applications is driving the growth of the permanent magnet market. 
The permanent magnets market consists of sales of ceramic magnets, injection magnets, aluminum nickel cobalt magnets, and flexible magnets. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities including downstream manufacturers, wholesalers, distributors and retailers or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. 
Among major players cited are Arnold Magnetic Technologies, Electron Energy Corporation, Daido Steel Co., Ltd., Chengdu Galaxy Magnets Co. Ltd., Shin-Etsu Chemical Co. Ltd., Goudsmit Magnetics, Adams Magnetic Products Co. Ltd., Bunting Magnetics Co., Tengam Engineering Inc., Yantai Shougang Magnetic Materials Inc., Ningbo Yunsheng Co. Ltd., Eclipse Magnetics, Hangzhou Permanent Magnet Group, Anhui Earth-Panda Advance Magnetic Material Co. Ltd., and Magnequench International LLC. 

The study defines a permanent magnet as a piece of magnetized material used in various types of electronic products that generates a strong magnetic field on its own and preserves its magnetic characteristics in the absence of a magnetizing force, such as a current or an inducing field. 

The main types are ferrite magnets, samarium cobalt magnets, alnico magnets, and neodymium iron boron magnets. The ferrite magnet is a chemical combination made up of ceramic materials and iron oxide. They are commonly used in transformers, electronic inductors and electromagnets due to their wide availability and affordability. Permanent magnets are used by end-users such as general industrial, automotive, medical technology, environment & energy, aerospace & defense and consumer electronics. For more info, see